Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Auckland Property Market Continues Steady Run

Media Release

9 May 2005

Auckland Property Market Continues Steady Run in April

Barfoot & Thompson’s sales results for April show the Auckland property market’s performance for the month was entirely consistent with previous years, with the number of property sales decreasing in line with the normal seasonal slow down as we approach winter.

Director Peter Thompson says sales volumes dropped from 1,357 in March to 967 in April, but that is in line with what is expected at this time of year. “Market activity generally slows down as we enter the cooler months, but the upside is that vendors and buyers who remain in the market are generally very motivated to sell or buy.”

BNZ Chief Economist Tony Alexander says that while the volume of April sales declined by 29 percent, when the figure is adjusted for the seasonal effect sales were actually unchanged from March and down just 3.4 percent on a year ago.

“This is the slowest annual rate of decline since February 2004 and compares well with annual falls of 3.8 percent in March and 11.6 percent in February.” Mr Alexander describes Auckland property market activity during April as “relatively firm.”

The average sale price for April was $460,604 compared to $468,151 in March. Mr Thompson says the average price is difficult to accurately interpret at present the past couple of months have each been skewed to a greater or lesser extent by some very large individual transactions.

“For example, during April there was a singe land sale worth more than $10 million and four other sales valued between $4 million and $7 million. Likewise in March there were three large sales between $3 million and $10 million.”

“Our market intelligence suggests prices continue to remain relatively stable and the average sale price of $453,016 across all four months this year compares favourably with the average for the whole of 2004 of $423,317.”

Barfoot & Thompson’s property management division also had a quieter month, consistent with seasonal trends. 634 houses and units were let during April, compared to 683 in March. Average weekly rent eased a little from $346 in March to $342 in April.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news